Mortgage Rates on the Rise

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Average rates for 30-year fixed-rate mortgages (FRM) started the month of June up slightly, but were still near record lows in two weekly surveys.

The Freddie Mac (FRE: 1.21 -2.42%) weekly survey put the average rate for a 30-year (FRM) at 4.79% with an average 0.8 origination point for the week ending June 3, up fromlast week's average of 4.78%, ending a seven-week-long run of decreased or steady rates. A year ago, the 30-year FRM averaged 5.29%.

The Bankrate survey of large banks and thrifts put the average rate for a 30-year FRM at 4.95% with a 0.45 origination point, up from last week's record-setting low of 4.92%. A year ago, the 30-year FRM averaged 5.65% in the Bankrate survey.

“The economy grew at a slower rate than originally reported in the first three months of the year, according to the Bureau of Economic Analysis, which suggests inflation will remain tame in the near term,” said Frank Nothaft, Freddie Mac vice president and chief economist.

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